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Bitcoin Funds Lost $630 Million, But BTC Bears Are Still On the Sidelines
The post Bitcoin Funds Lost $630 Million, But BTC Bears Are Still On the Sidelines appeared on BitcoinEthereumNews.com. We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The rollercoaster ride continues for crypto investment funds as the latest data from CoinShares showing a second straight week of heavy outflows. Digital asset investment products saw net outflows of $584 million last week, bringing the two-week exodus to a staggering $1.2 billion. The sharp reversal comes after a record-breaking $2 billion inflow in May, highlighting the volatile and sentiment-driven nature of the crypto fund space. So what’s behind the sudden shift in investor sentiment? According to CoinShares, it’s all about interest rates. The recent outflows “are in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the Fed this year,” the report notes. The fading hopes for a Fed pivot have taken the wind out of Bitcoin’s sails, with the largest cryptocurrency bearing the brunt of the outflows. Bitcoin funds saw $630 million in net outflows last week, accounting for the lion’s share of the overall redemptions. Interestingly, despite the souring sentiment, investors aren’t rushing to bet against Bitcoin. Short-bitcoin funds, which profit when the price of BTC falls, actually saw modest outflows of $1.2 million, suggesting that bearish speculators are sitting on the sidelines for now. Ethereum, the second-largest cryptocurrency, also felt the sting of the risk-off mood, with ETH funds registering $58 million in outflows. However, some altcoins managed to buck the trend, with Solana, Litecoin, and Polygon funds attracting small but notable inflows. Multi-asset products, which invest in baskets of cryptocurrencies, saw a strong $98 million in inflows, indicating that some investors view the recent altcoin weakness as a buying opportunity. From a regional perspective, the U.S.…
The post Bitcoin Funds Lost $630 Million, But BTC Bears Are Still On the Sidelines appeared on BitcoinEthereumNews.com.
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The rollercoaster ride continues for crypto investment funds as the latest data from CoinShares showing a second straight week of heavy outflows. Digital asset investment products saw net outflows of $584 million last week, bringing the two-week exodus to a staggering $1.2 billion. The sharp reversal comes after a record-breaking $2 billion inflow in May, highlighting the volatile and sentiment-driven nature of the crypto fund space. So what’s behind the sudden shift in investor sentiment? According to CoinShares, it’s all about interest rates. The recent outflows “are in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the Fed this year,” the report notes. The fading hopes for a Fed pivot have taken the wind out of Bitcoin’s sails, with the largest cryptocurrency bearing the brunt of the outflows. Bitcoin funds saw $630 million in net outflows last week, accounting for the lion’s share of the overall redemptions. Interestingly, despite the souring sentiment, investors aren’t rushing to bet against Bitcoin. Short-bitcoin funds, which profit when the price of BTC falls, actually saw modest outflows of $1.2 million, suggesting that bearish speculators are sitting on the sidelines for now. Ethereum, the second-largest cryptocurrency, also felt the sting of the risk-off mood, with ETH funds registering $58 million in outflows. However, some altcoins managed to buck the trend, with Solana, Litecoin, and Polygon funds attracting small but notable inflows. Multi-asset products, which invest in baskets of cryptocurrencies, saw a strong $98 million in inflows, indicating that some investors view the recent altcoin weakness as a buying opportunity. From a regional perspective, the U.S.…
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